Energy Management of Hybrid Power Plants in Balancing Market.
Abstract
This paper forcuses on the preliminary investigation of Hybrid Power Plants (HPPs) operation in balancing market in 2030. The opportunities of balancing market are firstly analyzed. The the 2030 market information is simulated by balancing tool chain. Spot market optimization and balancing market optimization are introduced sequentially. For balancing market optimization, a scenario based stochastic optimization is applied to deal with the forecast errors of regulation price. By leveraging multi-price scenarios, the objective foundation is to maximize expectations of profits. In case study, market scenario of 2020 and 2030 are compared firstly. After that, we define two cases to simulate HPP operation in 2030. The case when HPP only participates in spot market is designed as a benchmark case to evaluate the value of balancing market. The investiagtion assumes an HPP located in West Denmark (DK1) and therefore applies the market rules for this area. Simulation results demonstrate that HPP can receive 11% increase of revenues in balancing market, but due to the high degradation cost of battery, the profit increase is 5,9%.
Cite this
Zhu, R, Das, Kaushik, Sørensen, PE, and Hansen, A. Energy Management of Hybrid Power Plants in Balancing Market. In: Hybrid Power Systems Workshop, 2022. Energynautics GmbH.
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